An Introduction to Investment Funds
An Introduction to Investment Funds
Petko Bahovski
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Professional asset management is one of the largest and most profitable businesses in the world. The value of professionally managed assets at the end of 2014 was estimated to be US$74 trillion. The variety of products and funds to choose from is enormous. The purpose of this book is to provide a concise summary of the different types of investment funds that are being offered.
Investment funds may be termed differently in different countries around the world. For example they are also known as investment trusts in the UK, mutual funds in the US, FCP in Luxembourg, SICAF in Luxembourg and Switzerland, SICAV in France, Italy, Luxembourg and Switzerland and unit trusts in Ireland and the UK. For consistency the term “investment funds” is used.
Chapters cover:
Bond Funds
Bond-and-Equity Funds
Equity Funds
Asset-Allocation Funds
Alternative Investment Funds
Fund Tools
Asset Classes by Country, Region and Industry
For each type of fund above the following points are addressed:
Fund description: what is the fund about?
For whom is the fund suitable?
What is the fund’s investment strategy or investment objective?
What is the fund’s benchmark?
Portfolio analysis
Risk and reward profile
What are the main risks of investing in the fund?
How will this fund make money?
What are the fund’s fees and expenses?
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Table of contents
1. Bond Funds
Money-market funds
Classic bond funds
Country- or region-specific bond funds
Global bond funds
Emerging-markets bond funds
Corporate bond funds
Inflation-linked bond funds
High-yield bond funds
Municipal bond funds
2. Bond-and-Equity Funds
Convertible-bond funds
Balanced funds
Total-return funds
Exchange-traded funds
3. Equity Funds
Equity-indexed funds
Equity value funds
Equity growth funds
Equity blend funds
Equity sector funds
Equity income or dividend funds
Global equity funds
Emerging-markets equity funds
4. Asset-Allocation Funds
Target-date funds
Target-allocation funds
Target-income funds
5. Alternative Investment Funds
Real-estate funds and REITs
Commodity funds
Hedge funds
Private-equity funds
Foreign-exchange funds
Sustainable and responsible funds
6. Fund Tools
Fund-selection process
Investment funds’ fees and costs
Your financial portfolio versus your overall wealth
Bonds credit rating table
Risk and return profile table
Risks to consider when investing in funds